CoinDCX-An Indian Crypto Exchange, Raises $3 Million in Series A Round
March 24, 2020 4:36 pm
CoinDCX, Mumbai-based India’s largest cryptocurrency exchange, raised $3 million in a Series A funding round was led by Bain Capital Ventures, Polychain Capital, and BitMEX operator HDR Group on March 24.
CEO and Co-founder of CoinDCX, Sumit Gupta, said that the funding would provide the means for the exchange to promote the mass adoption of crypto in India:
“As the country’s largest exchange, we are in a position to drive national crypto adoption forward responsibly. This successful investment round will go a long way in funding our vision of accelerating India’s growth into a US$5 trillion economy. With a slew of exciting projects in the pipeline, the closure of our Series A is the first step in a new chapter in the CoinDCX story as we continue to drive the mass adoption of crypto assets in India.”
Another venture capital firms also participated in the funding round, which ended after India’s Supreme Court quashed the central bank’s ban on financial institutes helping any service associating to digital currencies.
The CoinDCX exchange, Established in 2018 also has plans to form a fiat onboarding solution in partnership with major crypto projects, algorithm-based trading, as well as a crypto-to-crypto trading product in 2020. Moreover, CoinDCX boasts a unique liquidity aggregation model integrated with top global exchanges, including Binance, Huobi, and OKEx. The Firm Stated:
“The investment marks the beginning of a new stage of growth for CoinDCX and will allow the exchange to accelerate improvements to its service-offering to match the recent uptick in Indian crypto users, bolstering its leading position within the Indian cryptocurrency market.”
Crypto In Indian Market
The number of exchanges increasing due to the Supreme Court’s decision and with others extending their features, However, before that India has had a complicated relationship with crypto. The Indian exchange Unocoin is planning to launch crypto derivatives on its platform in the next few months.
As developing a digital rupee is still on hold, people are concerned about the future of the industry with the nation having blocked many efforts to develop the crypto industry regionally.
Recently, CoolBitX Technology, an international virtual asset security company, secured $16.75 million in its Series B funding round led by Japanese financial group SBI Holdings.